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Seoul: Won, shares turn higher after China shares cut losses
[SEOUL] The South Korean won erased earlier losses and closed higher against the dollar on Tuesday on easing risk-off sentiment after Chinese shares cut losses.
Domestic exporters' demands for month-end settlement and profit-taking in the greenback following recent sharp gains also underpinned the local currency.
The won closed up 0.2 per cent at 1,164.9 per dollar after falling as much as 0.3 per cent to 1,170.6 in the morning.
The Korea Composite Stock Price Index (KOSPI) erased early losses to turn slightly higher, closing at 2,039.10 points, barely changed from the previous close of 2,038.81. It slid as much as 1.1 per cent to 2,015.91, the lowest in nearly three weeks.